What Age to Talk to Your Kids about Finances
Many parents nowadays misunderstand about how to talk to their kids about the finances. They can easily teach kids about money and guide them to succeed financially in the upcoming days. They will get the best result when they turn their routine activities into learning experiences. They can introduce money concepts into imaginary games of child and follow simple ways for introducing finance to a child.
Why Age matter
You may be one among parents who think about when is the best time to talk to kids about money. You have to consider the age of your kid and your lifestyle before discussing this subject. This is worthwhile to change your mind-set at first and change the family tree later.
Above 8 years is the best time
If your kid is more than 8 years old, then you can discuss a lot about money. You can encourage your kid to visit the local shop with you and learn shopping issues. You will be amazed when you support your kids explore online shopping facilities and comply with the small budget for shopping as per their requirements. Every kid can understand how they have to follow the financial plan and begin a step to save money.
Many parents have some reluctance whenever they talk about money with their children. They have to change this attitude soon after they have ensured the overall importance of talking to kids about money. They can answer every question of their kids when they talk to them about money.
Talk about examples, stories not figures
Parents have to avoid talking about money in terms of figures. They can talk about some interesting stories about money and encourage their kids to know such stories.
Try to be honest
If you suffer from any financial problem due to a lack of compliance of the budget, then you can tell such things to your kids.
Kids will be eager to know further about money and budget after their parents discuss with them about such things and family goals at least once a week.
Talk differently for children of different age group
Your kid does not be ready to understand your bank account balances and contributions in terms of the retirement plan. You have to start with basics of money concept and let your kids play with money based games like pretend store or restaurant. Do not forget to consider the age of your kid while discussing the money related things.